Real Gross Domestic Product: Legal Services (5411) in Minnesota
MNLEGALRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,233.20
Year-over-Year Change
2.62%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Legal Services (5411) in Minnesota tracks the economic output of the legal services industry in the state, providing valuable insights for policymakers and industry analysts.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This economic trend represents the real (inflation-adjusted) value of GDP generated by the legal services industry in Minnesota. It is an important indicator of the overall health and productivity of the state's professional services sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic models.
Historical Context
This trend is used by economists, policymakers, and industry stakeholders to monitor the performance and competitiveness of Minnesota's legal services industry.
Key Facts
- Minnesota's legal services industry contributes over $10 billion to the state's GDP.
- The legal services sector makes up approximately 2% of Minnesota's total economic output.
- Real GDP in Minnesota's legal services industry has grown by 15% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product generated by the legal services industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and competitiveness of Minnesota's legal services sector, which is an important component of the state's professional services and overall economic landscape.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic models.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and industry stakeholders use this trend to monitor the health and productivity of Minnesota's legal services industry, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Legal Services (5411) in Minnesota (MNLEGALRGSP), retrieved from FRED.